Legal

BIMCO introduces updated, approved bunker contract

The BIMCO Bunker Terms 2018 improve on the previous edition with a maximum limit of the parties’ liabilities.

Published

6 years ago

May 4, 2018

A new set of standard bunker terms developed by a cross-industry group under international shipping association BIMCO has been approved by its Documentary Committee on Wednesday (2 May) in New York.

The BIMCO Bunker Terms 2018 improve on the previous edition with a maximum limit of the parties’ liabilities – a key change which BIMCO believes will lead to wider adoption of the contract.

“I think it is a positive step for the industry that representatives for the bunker traders and shipowners have agreed on a standard set of terms, which both parties consider fair and balanced,” says Francis Sarre, Chair of the BIMCO Documentary Committee.

According to BIMCO, the trader representatives who helped draft the contract together account for 25% of the total bunker volume sold globally, which BIMCO sees as a very strong sign of support for the final result.

The BIMCO Bunker Terms 2018 also have the support of the International Bunker Industry Association (IBIA).

Wide adoption of the standard terms across the industry is expected to improve and speed up bunker transactions and reduce disputes, says Sarre.

“We all need to improve efficiency and cut costs,” he notes.

“With a widely used standard contract all parties involved should save time on drafting contracts and get greater clarity on the contractual obligations and liabilities in the contract.

“This will hopefully bring more transparency to the bunker industry.”

The BIMCO Bunker Terms 2018 includes a default limit of the invoice value or $500,000, whichever is higher. The $500,000 is a default minimum figure that the parties can increase if appropriate.

The BIMCO Documentary Committee consists of over 60 people from across the shipping industry, including: shipowners, ship operators, representatives from P&I clubs and national shipowner and shipbroker associations.

The committee also has several observers including the International Group of P&I Clubs, the International Chamber of Shipping, INTERTANKO, FONASBA and the Maritime Law Association of the US.

Photo credit: BIMCO
Published: 4 May, 2018

Business

Liberia-flagged bulker “Eleen Armonia” placed under Sheriff’s arrest

Ship was added to list of vessels under Sheriff’s arrest in Singapore’s court system and it is currently held at Eastern Bunkering Anchorage; arrest was made on behalf of Allen & Gledhill LLP.

Published

3 days ago

December 7, 2023

Admin

Liberia-flagged bulk carrier Eleen Armonia was arrested in Singapore waters on Monday (4 December).

The 55,522 DWT vessel was added to the list of vessels under Sheriff’s arrest in Singapore’s court system.

According to the list, the vessel was arrested at 12.25pm and the arresting solicitor listed was law firm Allen & Gledhill LLP. The ship is currently held at the Eastern Bunkering Anchorage.

No details regarding the reason behind the arrest were provided in the list.

Photo credit: Manifold Times
Published: 7 December, 2023

Crime

Malaysia: MMEA detains three vessels for illegal anchoring in East Johor waters

Vessels, including those registered in Barbados and Copenhagen, were detained on 4 December and captains of ships had failed to present any document of authorisation to anchor in Malaysian waters.

Published

4 days ago

December 6, 2023

Admin

Malaysia: MMEA detains three vessels for illegal anchoring in East Johor waters

The Malaysian Maritime Enforcement Agency (MMEA) on Tuesday (5 December) said three vessels have been detained for illegally anchoring in East Johor waters on 4 December.

MMEA Tanjung Sedili Zone acting director Maritime Cmdr Mohd Najib Sam said the first ship, registered in Port Klang, was detained by a patrol boat at 11.30 am at 19.8 nautical miles east of Tanjung Sedili Kechil.

The second ship, registered at Bridgetown in Barbados, anchored at 11.30am at 18.1 nautical miles northeast of Tanjung Penawar.

And the third ship, registered at Copenhagen, was detained by a MMEA patrol vessel at 5.30pm at 21.5 nautical miles east of Tanjung Balau.

Najib said all captains of the ships had failed to present any document of authorisation to anchor in Malaysian waters and the case will be investigated under Section 491B(1)(L) Merchant Shipping Ordinance 1952.

He added that the detention of all three ships has brought the total number of ships detained for the same offence so far this year to 86.

Photo credit: Malaysian Maritime Enforcement Agency
Published: 6 December, 2023

Winding up

Singapore: Annual general meetings set for Hua Sheng Shipping Pte Ltd

Creditors to receive an update on the liquidation of the firms, and to receive an account of the liquidators’ acts and dealings, and of the conduct of winding up.

Published

6 days ago

December 4, 2023

Admin

An annual general meeting for Hua Sheng Shipping Pte Ltd will be held via electronic means on 14 December 2023, according to a notice on the Government Gazette on Thursday (30 November).

The agenda of the meetings for the creditors (2pm) and contributories (11am) for the following purposes:

To receive an update on the liquidation.
To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up

The following are the details of the liquidator of the company:

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

Manifold Times previously reported several notices were published on the Goverment Gazette regarding the annual general meetings held electronically for Hua Sheng Shipping Pte Ltd, Nan Zhou Maritime (Pte) Ltd and Xin Sheng Shipping (Pte) Ltd.

Photo credit: Benjamin child
Published: 4 December, 2023